Search Results for: GST regime

Will soon streamline GST regime for all assessees: Nirmala Sitharaman

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Finance Minister Nirmala Sitharaman on Saturday said the government is working on streamlining the goods and services tax (GST) regime to eventually have three slabs. Though any decision related to tax rate cut will be taken by the federal indirect tax body GST Council , the minister said “eventually we need to rationalise (rates). Do we want more slabs? Do we want to have just two or three slabs. Original intent was that there will be three slabs—merit, sin and…

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Input tax credit under GST regime restricted to 20% of claims: CBIC

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Businesses will have to pursue their vendors on a monthly basis to upload their invoices to enable them to take the entire input tax credit (ITC) after the indirect tax board came out with a notification to restrict these credits to 20 per cent of the claims. Concerned at dwindling revenues, the Central Board of Indirect Taxes and Customs (CBIC) put this condition on the claims where vendors have not uploaded their invoices within a month. Experts said it would…

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Importers do not need state-wise registration under GST regime

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Importers with godowns or those which store goods at customs warehouses in different states got relief from the advance authority of ruling (AAR) under the goods and services tax (GST) regime. The AAR, Maharashtra, in two recent rulings, said that these companies do not need a separate registration in each state and that a registration where their headquarters are located would be enough. These firms can sell products in different states and raise invoices against their head offices, it ruled….

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New GST regime may hurt builders, says expert

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Real estate developers have to pay more taxes under Goods and Services Tax (GST) for residential projects, if they source a bulk of their inputs (like cement and capital goods) from unregistered dealers. For residential projects started after April 1, 2019, the builder has to mandatorily charge customers a concessional rate of 5% or 1% (affordable residential apartments), as per the decision of the GST Council. For ongoing projects, they were given an option to choose between the old rate…

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About 1,800 businesses apply for migration from VAT to GST regime

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About 1,800 businesses that were registered under the earlier VAT and service tax regime have applied for migrating to the GST regime. The GST Council, in its meeting in July, had allowed businesses with provisional GST ID to migrate to the new GST regime. The Central Board of Indirect Taxes and Customs (CBIC) had then asked these taxpayers to approach the jurisdictional nodal officer of the Central or state government on or before the August 31, 2018, along with provisional…

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GST regime brings in nearly 50 lakh new taxpayers

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The Goods and Services Tax (GST) regime has seen a significant change in the assessee segmentation compared to the pre-GST era when VAT and Central excise were in place. There are fewer assessees now in the lowest and highest slabs while all the other slabs have seen an increase. As on July 25, a total of 63.7 lakh taxpayers migrated from the old system, while 49.53 lakh new taxpayers became part of the indirect tax system taking the total number…

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In GST regime, Odisha will restore sops for manufacturers

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The Odisha government will soon restore incentives to manufacturers on the lines available prior to the rollout of Goods and Services Tax (GST) regime, a top State Government official said. Indications are that the new incentives will be patterned on the Value Added Tax-refund scheme that was prevalent prior to July 1, when GST was introduced. “The proposals for the fiscal incentives are in their final stages and will be ready by this month end. Odisha used to offer a…

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Govt notifies e-way bill for transporting goods under GST regime, exempts some items

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The government notified the e-way bill on Thursday, exempting certain items of mass consumptions including vegetables, fruits, food grains, meat, bread, curd, books and jewellery, reported Economic Times. Other items that are outside the ambit of the e-way bill includes contraceptives, judicial and non-judicial stamp paper, newspapers, khadi, raw silk, Indian flag, human hair, kajal, earthen pots, cheques, municipal waste, puja samagri, LPG, kerosene, heating aids and currency. The generation of e-way bill will also not be required in two…

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GST regime: Classification of goods still a bane for traders

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A month after the Goods and Service Tax (GST) came into force, trade and industry here is still grappling to understand the new structure. While some sectors have reported a slow down in sales, the classification of goods, which is yet to be properly understood, has been a bane for the trading community, trade and industry sources say. The crucial food grains sector is still struggling to maintain pace even as traders have reported a drop in sales by almost…

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How e-commerce firms will gain in the GST regime

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GST should end numerous hurdles that state governments put up against online retail firms, such as Amazon and Flipkart, to protect offline retailers and state revenue. Goods and Services Tax (GST), being a ‘destination-based tax on consumption’, is also set to address concerns of state governments that the business models of e-commerce firms erode their tax base. E-commerce companies such as Amazon Seller Services Pvt. Ltd and Flipkart Ltd are set to be among the winners in the transition to…

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